The curve labeled A in the above figure is
A) a short-run aggregate supply curve.
B) an aggregate demand curve.
C) a long-run aggregate supply curve.
D) a production possibilities curve.
B
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If the price of a good doubles and quantity supplied triples, then
a. demand is elastic b. demand is inelastic c. supply is inelastic d. supply is elastic e. there is insufficient information to reach any conclusion about the price elasticity of supply
The theory of economic rent can be used to explain high incomes received by movie stars and athletes.
Answer the following statement true (T) or false (F)
Refer to Table 9-6. What is the required reserve ratio?
A) 5% B) 10% C) 20% D) 25%
An economic condition characterized by high unemployment and excessive inflation is called
A. depression. B. expansionary growth. C. recessionary downturn. D. stagflation.